Bitcoin

Prolonged higher bond yields typically tighten financial conditions, reduce liquidity, and strengthen the dollar—all historically bearish for Bitcoin and altcoins. The specific mention of hyperscalers (big tech) highlights a potential spillover: if tech stocks sell off, crypto’s correlation with NASDAQ could amplify downside. This fits a larger trend of de-risking as the market prices in ‘higher for longer’ rates.

Nicolas Bickel, CIO at Edmond de Rothschild Private Bank, stated that prolonged higher bond yields could pose a risk to equities, especially highly indebted companies and hyperscalers.